Moderna reported stronger-than-expected third-quarter results and increased its financial guidance for the remainder of the year. The biotech company now projects 2026 revenue growth between 15% and 25%, compared with its previous expectation of up to 10% growth.
Third-quarter revenue reached $1.31 billion, representing a 29% increase from the year-ago period. Domestic revenue totaled $780 million while international markets contributed $533 million. The company generated net income of $162 million, or 38 cents per share, marking a significant turnaround from a net loss of $200 million, or 51 cents per share, in the prior-year quarter. Moderna’s stock rose approximately 3% in premarket trading following the announcement.
Chief Executive Officer Stéphane Bancel attributed the strong performance to momentum in newer products and geographic diversification. He noted that the company’s next-generation mRNA Covid vaccine, which received U.S. regulatory approval in May 2025, demonstrated solid performance during the quarter. The company’s newly approved flu vaccine, authorized in August, is expected to have limited uptake in the U.S. during the coming year due to timing considerations around vaccine contract negotiations. Bancel also highlighted that cost reduction efforts contributed to the quarter’s profitability.
Geographic expansion efforts in Canada, the United Kingdom, and Asia supported revenue growth, Bancel said. Covid vaccine sales in international markets benefited from deliveries under long-term government agreements. The company’s overall diversification strategy helped offset seasonality inherent in the vaccine business.
The results arrive weeks after Moderna and Merck disclosed encouraging late-stage trial data for their jointly developed personalized cancer vaccine when used alongside the immunotherapy Keytruda in certain melanoma patients. Bancel characterized market reaction to the cancer vaccine program as positive among long-term investors, analysts, and physicians, despite an earlier negative response to a data leak on social media.
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